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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My husband and I have been in Chapter 13 Bankruptcy for 53 months. Because of income tax r

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My husband and I have been in Chapter 13 Bankruptcy for 53 months. Because of income tax refunds, all of our secured debt was paid in full this month. According to the claim summary on the database website, amount to be paid to unsecured creditors is 0%. There is $800 in our bankruptcy/trustee account. We are scheduled to pay our monthly payment for seven more months. What happens now? Will they use the funds to start paying unsecured creditors, even thuogh 0% is scheduled or will they discharge the bankruptcy early?
Submitted: 1 year ago via ExpertLaw.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

Customer:

Hi, did you read my question and do you have an answer?

cfortunato :

If your Chapter 13 plan was was for 5 years, it has to continue for 5 years, unless unsecured creditors are also paid in full (which is unlikely in your case).

Customer:

Okay, even though the summary says that 0% goes to unsecured creditors?

cfortunato :

In other words, if your secured creditors have been paid in full, and there are still 7 months left for your plan, the 0% originally scheduled for unsecured creditors will be adjusted.

Customer:

Thanks

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Expert:  cfortunato replied 1 year ago.
You're welcome!

I am really sorry I could not give you more encouraging news, and I am sorry it took so long for me to respond to you (internet connection issues).

Please have a pleasant evening!
Expert:  cfortunato replied 1 year ago.
You're welcome!

I am really sorry I could not give you more encouraging news, and I am sorry it took so long for me to respond to you (internet connection issues).

Please have a pleasant evening!

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